环保与公用事业行业周报：多部门推动绿色低碳和污染防治技术突破

Investment Rating - The report maintains a "Positive" rating for the public utility industry [2]. Core Views and Investment Recommendations - The report highlights key stock combinations in the public utility sector: CGN Technology, Fuan Energy, and Oriental Electronics, with a strong recommendation for CGN Technology due to government support for nuclear technology applications and its backing by CGN Group [2][69]. - The green electricity operation sector is expected to benefit from policy support, with a focus on companies like Zhongmin Energy and Funiang Co. due to their involvement in renewable energy projects [70]. - The thermal power sector is anticipated to see increased demand during peak winter periods, with recommendations for state-owned enterprises such as Guodian Power and Datang Power [70]. - The gas sector is expected to improve profitability due to price adjustments in various regions, with a focus on companies like Fuan Energy and New Energy [71]. - The water and nuclear power sectors are recommended for their stable cash flow and long-term operational guarantees, with companies like Yangtze Power and China Nuclear Power being highlighted [71]. - The report suggests that the electric grid sector will see significant investment, with a focus on companies like Pinggao Electric and TBEA [71]. Industry Dynamics - In January 2025, the issuance of green certificates increased significantly, with 231 million certificates issued, a year-on-year growth of 225% [4.1]. - Multiple departments are promoting breakthroughs in green low-carbon and pollution prevention technologies, aiming for significant advancements by 2035 [4.2]. Public Utility Sector Summary - The public utility sector index rose by 0.15% this week, underperforming the CSI 300 index by 0.85% [1][9]. - The thermal power, clean energy generation, local grid, hydropower, and gas sectors experienced varying performance, with thermal power showing a rise of 1.35% [10][16]. Environmental Sector Summary - The environmental sector index increased by 2.2%, outperforming the CSI 300 index by 1.2% [1][9]. - The environmental equipment, solid waste management, and air quality management sectors showed positive growth, with environmental equipment rising by 4.79% [10][17].